Flippers did their crap in 2 months. I don’t think they put in more than 50K. Lots of lipsticks on this pig.
No way. Did you actually go see this property like I did? The thing is, you aren’t seeing the rest of the home. Even from this one picture alone, tell me how much you think it costs for an exterior paint job, roofing, and new windows? That is my point, the flipper had a decent crew to do it. It is certainly doable if you have the manpower. Come on, this is just a SFH. My god, you should see how fast that Salesforce tower near me went up…
If they did anything substantial they’d need to pull permits, no? Permit turnaround is definitely longer than 2 months.
Well, tell me then how did the windows magically change then? How was the roof repaired then? Maybe they didn’t go through permiting? Did you think of that? Geesh, look at the pic. I didn’t make it up…
Over the counter. Replace like for like. Easy permitting. I didn’t look at the pictures, but permitting becomes more of an issue when you start changing the envelope of the building.
Oh yeah, look at the listing again. ONE PICTURE. What does that probably say about the inside, Sir? If the inside was remotely, remotely ok, wouldn’t they have shown it?
And, but not least, this is what the new remodeled listing says:
EXQUISITE MODERN HOME. CENTRALLY LOCATED CLOSE TO 880 & 680. UPDATED KITCHEN, BATHROOM. NEW INTERIOR AND EXTERIOR PAINT. LAMINATE FLOORS THROUGHOUT. NEW ROOF!
Sure, all that for under $50k…
Dude, you of all people are supposed to be dispensing good information not bad…
I like to give people hope. 50k is the Chinese price.
The reason why I know also work was done up there is because when I went over to my Fremont house to see how goes it, I drove by this place to see progress and sure enough a gentleman was up there working on the roof. He was not a Chan, a Lee, or a Wong…if you get my drift…
Just to illustrate how bad this place was, I show up there to meet the Redfin agent. The lockbox is missing for some reason. We go around into the yard to see if there is another way in. Low and behold, the patio slider was all trashed and unlocked. I lift the slider off the track and that was how we gained entry into the place. If I had kept the inside pics I would post them here. The flipper did a decent, FAST job considering how it looked and I give him props (I would still be there working on that slider…). Sure, he probably made some money but it can’t be a lot. 815k-625k = 190k before anything so let’s say the guy spent 100k which I really think is light for materials and LABOR and then you factor in the selling expense. An awful lot of work for what???
I would say 60k is a good estimate for a serious flipper. 80k is for someone like me.I did all the improvements mentioned for my home as well except the roof. Permits are easy if no structural changes and alteration to the house. permits for Kitchen and bathroom remodels are easy peasy, can be issued as soon as the contractor is ready. For fremont, you schedule an appointment a day before you can get the slot for inspection.
These guys are pros. Get all this work done in 2 months straight. So maybe they really did all that work for 50K.
How does one find the right/good contractors? Do they provide timebound & price capped estimates of work?
Really? That’s not much these days… Materials cost so much nowadays and Labor is so expensive.
Very hard, word of mouth. Any one with a license as GC and doing remodel for you as a retail customer (1 time) project will charge you 2X what I quoted. Capped estimates and time bound: Yes and No. It all depends on the issues you find and other stuff.
I’ve seen the numbers on a flip or two. Contractors that are up and coming and on their way to become a GC are the ones these flippers use. once they become experienced, they throw them away and nurture a new guy, rinse and repeat.
@Roy321 timebound & price capped - you are looking for a performance bond. It costs the contractors money and they will pass the cost to you plus overhead. As far as price caps, good luck with that. There are 100 different ways to get a change order. Once it takes longer than they expected, they are going to find ways to cut costs.
How do you find the right/good contractor. Start by being honest with yourself and understand their perspective. IMO, look for guys that are focused on doing professional work with volume. Look for value, not low price. Most of the time low price reflects the value of their work.
Fast, good, cheap - pick two.
I agree with you, @caiguycaiguy. At least here in the Fab 7x7, I know as many people who are either doing projects or contractors/handymen themselves and they all say costs have gone up. Come on, materials and labor on a whole house redo for $50K or so? Roofing, windows, flooring throughout the house, complete painting in and out??? No way.
Ok, mine is similar to this one and I bought in for well under 500k less than 3 years ago. Sweet, up 50% in under 3 years!!!
See, no way that Bullard flip panned out well for the flipper. According to this general flipping guideline:
Experienced flippers have learned how to estimate costs and work backward. A rule of thumb in the industry is to take 70 percent of the potential selling price (what’s known as the after-repair value, or ARV), subtract the renovation costs and use that as the maximum buying price.
he obviously overspent on home and renovations. Median selling for area is 780k according to Redfin but I am generous I will even let you use the true selling price of 815k. Well, 70% of that is only 570k and let’s say we go with your ridiculously low renovation expense of 50k for an almost entire home remodel. Max purchase price at the front end should be 520k. He paid 625k. Maybe that 70% doesn’t apply to the Bay Area? Well, time is money and yes deals are harder to come by but this one surely did not look to pencil out from the get-go. No way in heck was this house going to sell for way over 800k.
Here is an article about the 70% rule…
Uh no, definitely not for me…